I contacted the seller on eBay and picked on him about the Harley emblems. He admitted that he was just doing a custom restoration for his own enjoyment.
To the best of my knowledge, I have never seen evidence of Harley Davidson getting into the outboard motor business. Most people confuse Indian Motocycle Company’s ill conceived attempt at entering the outboard motor field as being related to Harley. From what I have learned, most Indian supporters did not care a lot about the Harley motorcycle supporters. I am betting that Harley Davidson was very pleased that they did not move into the same direction that Indian did, especially considering the blemish to Indian engineer’s reputations. After manufacturing only 1,500 outboards from about February to August of 1930, Indian scrapped their outboard production and returned to the business that made them famous, mainly well engineered motorcycles.